(Jing Daily) - After two years of negative growth, China’s luxury market is finally expected to return to an upswing as brands and the government work to keep more spending in the country, according to a new report by Bain & Company. In the consulting firm’s “Spring Luxury Update” released last month, the firm says China’s luxury market is up 2 percent at current exchange rates and 4 percent at constant exchange rates. This reverses a declining trend for the market that began in 2014, when Bain reported a negative 1 percent growth rate for the year, down from an already low 2.5 percent in 2013. This was followed by an even lower negative 2 percent in 2015 as Chinese luxury shoppers continued to do more of their spending abroad in the face of significantly higher mainland prices.
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